1.China’s Online Firm & TV Market 
1.1 Content Costs Remain High; Fierce Competition Between the Top Three 
1.2 Content Payments Finally Surpassed Advertising Revenue But Growth Slowed 
1.3 The Rise of Short Video and Direct Broadcast Threatens Platforms 
2. iQiyi 
2.1 Monthly User Fees Have Limited Room to Grow; iQiyi is Moving into Licensing 
2.2 The iQiyi “Apple Park” Integrates Content and Services 
2.3 Short Videos Used to Drive Views of Long Videos 
3. Tencent Video 
3.1 A Fan Economy Integrating Content, Social, and IP Operations 
3.2 Multi-pronged Internal Horse Racing Strategy 
3.3 Focusing on Interactive Content 
4. Youku 
4.1 Seeking Growth Momentum after Acquisition and Lower Sales 
4.2 Integrated Content, New E-commerce Model, and licensed content sales strategy 
4.3 Developing Online Series and Shared Revenue to Integrate the Industry Chain 
5. MIC Perspective 
Appendix 
Glossary of Terms 
List of Companies 
 

Development of China’s online firm & TV market, touching on the online video subscriber base from 2012 to the first half of 2019 and the overall penetration rate

Development of iQiyi, Tencent Video, and Youku, touching on their recent developments such as user base and revenues as well as their deployment strategies

Figure 1: The Chinese Online Video Subscriber Base, 2012-1H 2019 
Figure 2: Overall User Penetration Rate of Chinese OTT Film & TV Platforms 
Figure 3. iQiyi’s User Base, 2015-2019 
Figure 4. iQiyi’s Revenues, 2018Q2-2019Q2 
Figure 5 iQiyi’s Revenue Structure, 2018Q1-2019Q2 
Figure 6 iQiyi’s 21-Product Matrix 
Figure 7 iQiyi’s Short and Long Video Model 
Figure 8 Tencent Video’s User Base, 2017Q4-2019Q2 
Figure 9 Tencent’s Interactive TV Editing Process